Blackbuck Resources Announces Expansion of Sustainability-linked Financing

Blackbuck's upsized financing provides the company with additional liquidity to execute on accretive growth resulting from recently signed contracts centering around its Midland and Delaware Basin platforms.

Hart Energy Staff
Blackbuck Resources, Riverstone Credit Partners, Permian Basin

Backed by Cresta Funds Management, Houston and Midland, Texas-based Blackbuck Resources designs, builds and operates water infrastructure for the oil and gas industry, focusing primarily on assets in the Permian Basin. (Source: Ginae McDonald / Shutterstock.com)

Blackbuck Resources LLC expanded its sustainability-linked term loan with Riverstone Credit Partners LLC to provide Blackbuck with additional liquidity, according to a press release on July 18.

The expansion will allow the company to execute on accretive growth in the Permian Basin, brought on by recently signed contracts around its Midland and Delaware basin platforms. The facility’s pricing will be adjusted based on Blackbuck’s adherence to sustainability performance targets determined by the company's internally defined set of key performance indicators.

The financing was first announced by Blackbuck on July 8, 2021, in a separate press release, which provided an initial commitment of $50 million. The deal's accordion feature allowed for the company to obtain additional liquidity for growth.

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